Analysis 2012-06-12
The spot rate is currently testing the lower limit of its medium term bullish channel at 1.2460 and seems to initiate a rebound. However, a break through these levels will release good potential and reach the lower limit of its medium term bearish channel to 1.2230.
Technical indicators do not provide clear signals but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2460 with the 1st objective at 1.2520 and then at 1.2540. A break through 1.2440 will invalidate this scenario.
Technical indicators do not provide clear signals but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2460 with the 1st objective at 1.2520 and then at 1.2540. A break through 1.2440 will invalidate this scenario.
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